GLL is a geared inverse product designed for short-term bets against the price of gold. The funds inverse exposure is benchmarked to the price performance of the Bloomberg Gold Subindex an index tracking a rolling futures position on gold based on Bloombergs fixed contract schedule. Investors should be aware that compounding can cause the fund's return to vary significantly from the headline -2x exposure if held longer than one day. To obtain the multiple over longer periods, investors must monitor and rebalance their position. Since the fund is designed for tactical use as opposed to long-term investment, the cost of accessing it is of more importance than the cost of holding it. As an ETF, GLL is structured as a commodities pool, so expect a K-1 at tax time.
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